In Q1CY18, ABB posted a net profit of Rs 102.49 crore, which rose by 13.90% compared to Rs 89.98 crore in the corresponding period of the previous year.

ABB share price faced some backlash on stock exchanges on Wednesday, despite the company having witnessed growth in net profit on year-on-year (yoy) basis in its first quarter March, 2018 result. It needs to be noted the company follows calendar year for reporting its financial performance every year. The share price of ABB has tumbled by more than 2% in today’s trading session so far. After touching intraday low of Rs 1,254.55 per piece on BSE, ABB’s share price slumped by 0.71% or Rs 9.05 trading at Rs 1,273 per piece at around 10:58 hours.

In Q1CY18, ABB posted a net profit of Rs 102.49 crore, which rose by 13.90% compared to Rs 89.98 crore in the corresponding period of the previous year. However Q1CY18 net profit dropped by a massive 40.25% from Rs 171.52 crore in the preceding quarter.

Total income from operation came in at Rs 2,525.48 crore, which also surged by 9.75% as against Rs 2,301.18 crore a year ago same period, however, this tumbled by 9.14% versus Rs 2,779.40 crore of preceding quarter.

ABB missed analysts estimate in terms of bottom-line, but surpassed the experts opinion in regards to top-line. A Bloomberg poll of analysts expected ABB’s PAT and Revenue to come at Rs 111 crore and Rs 2,410 crore in Q1CY18 respectively.

Operational EBITDA came in at Rs 166 crore in Q1CY18 as againsts Rs 121 crore in Q1CY17. EBITDA margin also rose to 6.6% this quarter from 5.6% recorded in a year ago same period.

Total orders during the first quarter of 2018 rose 10% year on year to Rs 2,582 crore. The quarter posted the highest growth in orders for the Q1 period in the last five years.

The order backlog of INR 11,628 crore, as of March 31, 2018, provides solid visibility for future revenue.

ABB said, “Cash position remained robust with strong performance in collection helping offset the one-time inflow of large advance payments in the corresponding quarter last year.”

Sharma added, “We will continue to collaborate with our customers, deploy solutions from our digital portfolio of ABB Ability and support the new era of growth in the country – through smarter, greener grids, electrification of transport and digitalizing industries for greater efficiency and productivity.”